7 Steps To Better WFM Strategies
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7 Steps To Better WFM Strategies

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A recent survey of more than 200 retail executives highlighted significant opportunities for retailers to increase ROI through smarter workforce management (WFM). ...

A recent survey of more than 200 retail executives highlighted significant opportunities for retailers to increase ROI through smarter workforce management (WFM).

Almost three quarters (74%) of survey respondents said they do not have highly efficient WFM operations processes in place. Retailers need to focus on scheduling, payroll, labor standards and more in order to improve their ability to deliver better customer service.

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7 Steps To Better WFM Strategies 7 Steps To Better WFM Strategies Presentation Transcript

  • Improving Profits With Better WFM Strategies #WFM Webinar Sponsored by
  • #WFM Welcome Webinar Attendees
  • #WFM Follow This Webinar On Twitter #WFM
  • #WFM About Retail TouchPoints  Launched in 2007  Over 26,000 subscribers  To provide executives with relevant, insightful content across a variety of digital medium Free subscription to our weekly newsletter: WWW.RETAILTOUCHPOINTS.COM/SIGNUP
  • #WFM Panelists Debbie Hauss Editor-in-Chief Retail TouchPoints MODERATOR Vince Jackson Director of Strategic Services Workforce Insight Virginia Balcom COO Lighthaus Anthony Fuller Manager of Staffing & Scheduling Century 21 Retail
  • Century 21 Department Stores Tomorrow,” bringing to life a vision of the future. The owners visited this fair and the Century 21 Department Store name was born. Starting with our first location in downtown Manhattan, we have expanded to a total of eight stores across the New York/New Jersey area. We then brought the Century 21 experience online in the spring of 2011 with the launch of c21stores.com. Century 21 Department Store is a legendary New York City retailer where you can find top designer merchandise at incredibly low prices. For over 50 years, Century 21 has made high fashion affordable and attainable every day. 6 Our store name came to us from the World’s Fair, which was also named the Century 21 Exhibition. This fair showcased a large exhibit called “Century 21 – The World of
  • 200 Retailers Shared Their Insights 7 Retail success pivots on delivering stellar and consistent customer service in every store, every day — but only 2% of retailers are able to do so. • Just 65% said scheduling methods directly impact revenue growth • 88% need to improve payroll allocation • 54% don’t measure staff acceptance of new WFM processes.
  • The 7 Ways To Improve Bottom-Line Performance 1. Deliver More Proficient Scheduling Practices 2. Maximize Payroll Efficiency 3. Improve The Efficiency Of WFM Operational Processes 4. Evaluate And Improve Labor Standards Compliance; 5. Optimize Time & Attendance 6. Reward And Retrain Employees For Higher WFM ROI 7. Emphasize Forecasting 8
  • 6 WFM Priorities 9 Prioritize the importance of each activity to your business.
  • 1. Deliver More Proficient Scheduling Practices 10 Rate the effectiveness and maturity of your Labor Scheduling, where 1 is the least effective and mature, and 10 is the most effective and mature.
  • Poll Question 1 Do you currently use traffic data to help determine employee scheduling? • Yes • No • No, but plan to incorporate in the near future 11
  • 2. Maximize Payroll Efficiency 12 Rate the effectiveness and maturity of your Payroll Budgeting process, where 1 is least effective and mature, and 10 is the most effective and mature.
  • Payroll: Top Down vs. Bottom Up 13 We have quantified our customer experience and have verified that we are allocating enough payroll to execute it. Our budgeting process is built from the bottom up and takes all tasks and the customer experience into consideration.
  • 3. Improve The Efficiency Of WFM Operational Processes 14 Rate the effectiveness of your change management strategies related to how you roll out new business processes or new technologies, where 1 is the least effective and 10 is the most effective.
  • 4. Evaluate And Improve Labor Standards Compliance 15 My organization has no issues with compliance to our scheduling policies. Our task work is balanced and funded to ensure all tasks can be executed and still maintain a consistent customer experience.
  • Poll Question 2 Do you currently have effective Labor Standards in place? • Yes • No • No, but working on it 16
  • Labor Standards Maturity 17 Rate the effectiveness and maturity of your Labor Standards, where 1 is the least effective and mature, and 10 is the most effective and mature.
  • 5. Optimize Time & Attendance 18 Rate the effectiveness and maturity of your Time and Attendance processes, where 1 is the least effective and mature, and 10 is the most effective and mature.
  • 6. Reward And Retrain Employees For Higher WFM ROI 19 Our people are our competitive advantage in the market and key to increasing our market share.
  • Poll Question 3 Do you spend an adequate amount of time training employees? • Yes • No • No, but we are working on improvements 20
  • 7. Emphasize Forecasting 21 Rate the effectiveness and maturity of your Forecasting process, where 1 is the least effective and mature, and 10 is the most effective and mature.
  • Conclusion: Evaluate Systems & Embrace Change When existing WFM procedures can’t support that defined customer experience, it’s time to take action! Retailers must: 1. Evaluate inadequate labor models that sacrifice lucrative opportunities. 2. Embrace new WFM technologies that allow more customer-facing time to be spent in aisles at the point of decision, to better impact profits. 22
  • #WFM Q&A // Submit Your Questions
  • #WFM Q&A // Panelists Debbie Hauss Editor-in-Chief Retail TouchPoints MODERATOR Vince Jackson Director of Strategic Services Workforce Insight Virginia Balcom COO Lighthaus Anthony Fuller Manager of Staffing & Scheduling Century 21 Retail
  • #WFM Thank You! QUESTIONS? • Debbie Hauss: debbie@retailtouchpoints.com • Anthony Fuller: afuller@c21stores.com • Virginia Balcom: virginiabalcom@lighthausvci.com • Vince Jackson: vince.jackson@workforceinsight.com Download the complete report: 7 Ways to Improve Profits With Better WFM Strategies http://rtou.ch/wfmstrategies